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AI-powered Apple overtakes Microsoft as world's most valuable company

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Apple once again became the world's most valuable company on Wednesday (June 12), dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology. Its shares jumped nearly four per cent to a record US$215.04 (S$290), giving it a market valuation of US$3.29 trillion.

Apple CEO Tim Cook attends the annual developer conference event at the company's headquarters in Cupertino, California, US, June 10, 2024.Apple once again became the world's most valuable company on Wednesday , dethroning Microsoft from the top spot, as the iPhone maker pushed ahead in a race to dominate artificial intelligence technology.

Apple shares had added more than seven per cent in the previous session, a day after it unveiled a range of AI-enabled features and software enhancements for its devices, a move that several analysts said would power iPhone sales. "Some of the specifics about AI capabilities that are going to be integrated into the upcoming iPhones made it very apparent that there will clearly be demand for a significant upgrade cycle."

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